ANZ Group Holdings Ltd. CEO Shayne Elliott emphasizes the need for his successor to possess a strong sense of social responsibility as the bank addresses recent trading scandals. His bonus for fiscal year 2024 was reduced by A$1.1 million due to these issues, and he acknowledges that his nine-year tenure is nearing its conclusion.
Australian banks are facing pressure to justify their high equity valuations as they prepare to report earnings amid declining interest rates and rising competition. Analysts predict a drop in the core profit measure, the spread between loans and deposits, for major lenders like Westpac, National Australia Bank, and ANZ over the next year, potentially impacting this year's stock rally.
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